Star Capital acquires ASL Aviation Holdings

Belgium-based ship-owner Compagnie Maritime Belge sold a 51% stake and Ireland-based aircraft leasing company 3P Air Freighters sold its 49% stake. 3P Air Freighters is a private equity fund managed by Belgium-based private bank Degroof Petercam.

Star Capital is currently investing from its Star Strategic Assets III fund, which held its final close on €800m in 2017. The fund was 24% deployed as of June 2018. The firm invests in asset-based companies with enterprise values of between €50m and €1bn.

ASL has been profitable every year since its foundation. It posted revenues of €957m in 2017, up 29.7% on 2016. Its EBITDA for the same year was €76m. In the last decade, ASL has implemented an acquisitive strategy, purchasing TNT Airways, Farnair Group and Pan Air Líneas Aéreas among others.

The company plans to grow the business and expand service provision and its product offering after the acquisition.

Company
Based in Swords, Ireland and founded in 1998, ASL has a fleet of more than 130 aircraft. The group consists of eight airlines, maintenance facilities and several leasing entities. It has more than 2,500 staff.

People
Star Capital – Paul Gough (managing director).
ASL Aviation Holdings - Hugh Flynn (CEO).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• Ireland
• STAR Capital Partners
• Large-cap buyout